Instead of calling Gold analysis, I would use the term of trading journal to record my trades because I may not always have a plan to trade.
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 12
===================Analysis=================
Yesterday Gold breaks 1740 the key resistence area and tests 1752 the highest point. Right now, it backs to 1720 area which is a $30 correction move that makes people confuse about the trend. Is it a bearish or bullish?
To me the chart tells everything. When it breaks 1740, it resume the short-term bullish trend. And we can see a clear ascending channel in my analysis.
The daily candle might look scare to bulls because of its big red. If we look from daily timeframe, it's actually a reverse signal.
So of course, no one can predict the future, but it doesn't matter because we are the trader.
=================Possible Situation==========
No.1 Gold bounce from 1720 area and rise to 1740 , and then drop again. In this situation, you will see a potential H&S pattern in the chart, then a huge drop will happen lately to test the previous low 1670 area.
No.2 Gold bounce from 1720 area and tests 1740, and breaks abofe the resistence again, then it will go at least 1752 or 1760 area before further drop and direction.
No.3 Let's say the bearish will be very strong today, it will breaks down 1720 directly and resume bearish trend for future move.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1740
The key support: 1720
Buy plan: I will buy at 1720 support here if I see a M15 reversal bar. SL $5, TP 1740
Short limit plan will pending on 1740 resistence. I will see it in later move.
Short stop plan : it's risky but somehow can still do at 1717 area. TP 1700
So please note: This is a personal journal only, but NOT a trading suggestion.
Date: 2021/ 03 / 12
===================Analysis=================
Yesterday Gold breaks 1740 the key resistence area and tests 1752 the highest point. Right now, it backs to 1720 area which is a $30 correction move that makes people confuse about the trend. Is it a bearish or bullish?
To me the chart tells everything. When it breaks 1740, it resume the short-term bullish trend. And we can see a clear ascending channel in my analysis.
The daily candle might look scare to bulls because of its big red. If we look from daily timeframe, it's actually a reverse signal.
So of course, no one can predict the future, but it doesn't matter because we are the trader.
=================Possible Situation==========
No.1 Gold bounce from 1720 area and rise to 1740 , and then drop again. In this situation, you will see a potential H&S pattern in the chart, then a huge drop will happen lately to test the previous low 1670 area.
No.2 Gold bounce from 1720 area and tests 1740, and breaks abofe the resistence again, then it will go at least 1752 or 1760 area before further drop and direction.
No.3 Let's say the bearish will be very strong today, it will breaks down 1720 directly and resume bearish trend for future move.
==================My Trading Plan=================
Based on these situation:
The key resistence : 1740
The key support: 1720
Buy plan: I will buy at 1720 support here if I see a M15 reversal bar. SL $5, TP 1740
Short limit plan will pending on 1740 resistence. I will see it in later move.
Short stop plan : it's risky but somehow can still do at 1717 area. TP 1700
Trade active:
I opened my long at 1719 now but with low position size.
I recommend you to wait at least see a M15 reversal bar before enter the market
I recommend you to wait at least see a M15 reversal bar before enter the market
Trade active:
I add another long now at 1722
Trade closed: target reached:
I'm closing 50% position now with nice profit. Leave the rest to go 1740
Trade closed: target reached:
1740 TP reached, I close 80% now.
Since the trend is quite strong, I will leave 20% to see where it will go
Since the trend is quite strong, I will leave 20% to see where it will go
Trade active:
we can see the 1740 support pretty well for 2 hours now. I'm adding a long at 1741 and TP 1750 AREA
Comment:
It's back to 1740. time to fly now
From H1 Chart, we can see 1733 becomess a key support for bullish. As long as 1733 holds, the trend doesn't change.